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Exxon Mobil to cut about 300 jobs in Singapore as big oil retrenches

Bloomberg
Bloomberg3/4/2021 8:26 AM GMT+08  • 2 min read
Exxon Mobil to cut about 300 jobs in Singapore as big oil retrenches
The job losses in Singapore are due to a reorganization that was accelerated by the pandemic
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Exxon Mobil Corp. expects to cut about 300 jobs in the Asian oil-trading hub of Singapore by the end of 2021, part of a global retrenchment that was announced last year.

The planned lay-offs equate to about 7% of its 4,000-strong workforce in the city-state, the company said in a statement. It follows similar announcements in recent months from fellow oil majors Royal Dutch Shell Plc and Chevron Corp., which are also cutting positions in Singapore.

Exxon said in October that it would slash its global workforce by 15%, or about 14,000 people, by the end of 2022. The oil industry was hit hard by the collapse in prices last year due to the coronavirus, while it also faces longer-term challenges as fossil fuels are gradually replaced by cleaner alternatives. Southeast Asian refiners, meanwhile, may also come under pressure from massive plants being opened in China.

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